The Delhi High Court on Thursday rejected the bail application of Avantha Group Promoter Gautam Thapar, who challenged his arrest in connection with the Yes Bank Loan fraud case.
A Single Bench of Justice Yogesh Khanna passed this order.
The case of money laundering was filed by the Enforcement Directorate (ED) against Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt Ltd and others, alleging criminal breach of trust, cheating, criminal conspiracy and forgery for diversion and misappropriation of public money during the period 2017 to 2019, after taking cognisance of an FIR lodged by the Central Bureau of Investigation (CBI).
Thapar was arrested under the Prevention of Money Laundering Act (PMLA) on August 3, after the agency carried out raids against him and his linked businesses in Delhi and Mumbai.
The ED was probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
According to CBI, Rana Kapoor had obtained a gratification or pecuniary advantage of Rs 307 crore, causing the Yes Bank a loss of Rs 1,800 crore by extending credit facilities to Avantha Group, when it was not eligible for the same.
Earlier on September 27, a Delhi Court had sought response of the ED by October 1 on the bail application filed by Thapar in the matter.